Nebraska COUNTY Nebraska 68509-4816 Fax 402-471-9493, ... If you wish to enroll, you may do so by completing a Cash Balance Voluntary Enrollment Form,

N e b r a s k a

COUNTY

NPERSNebraska Public Employees

Retirement Systems

employees retiremeNt systemHaNdbook

revised 08/2017

ImportantThis member handbook contains time-sensitive information and should be read by all new County Retirement Plan employees within 30 days of employment.

p.o. box 94816lincoln, Ne 68509402-471-2053800-245-5712npers.ne.gov

NPERSNebraska Public Employees

Retirement Systems

nEBraSKa County EmpLoyEES rEtIrEmEnt SyStEmNebraska revised statutes §§23-2301 through 23-2332

The County Employees Retirement Plan (the Plan) is designed to provide retirement benefits in recognition of service to the state of Nebraska and is administered by the Public Employees Retirement Board (PERB). The Plan is qualified under Internal Revenue Code §401(a) and is comprised of a Defined Contribution benefit and a Cash Balance benefit. The contribution rate for members and employers is defined in state statute. The plan year is January 1 through December 31.

Effective January 1, 2003, new members and rehires who begin contrib-uting to the Plan participate in the Cash Balance benefit. At that time, Defined Contribution participants were given the option to convert to Cash Balance or keep their Defined Contribution benefit. Defined Contribution members were given another opportunity to convert to Cash Balance in 2008 and 2013.

This booklet provides an overview of the benefits available to members of the Plan as of the revision date and is not intended to be a substitute for retirement education. The statutes and provisions of the “County Employees Retirement Act” in all cases supersede the information in this booklet and the website.

if you have questions, contact:Nebraska Public Employees Retirement Systems (NPERS)

P.O. Box 94816 Lincoln, Nebraska 68509-4816

Fax 402-471-9493, or call 402-471-2053 or call toll-free 800-245-5712.

You may schedule an appointment to visit NPERS at 1526 K Street, Suite 400, Lincoln.

For Plan information and to use the Benefit Estimator, visit the NPERS website: npers.ne.gov.

taBLE of ContEntSCash Balance or Defined Contribution .................................................1

Membership/Enrollment .........................................................................1mandatory membership ................................................................1Voluntary membership ...................................................................2employment at multiple Counties ..............................................2membership of elected officials .................................................2transfers between Counties .........................................................3

Beneficiary Designation ..........................................................................3

Contributions ............................................................................................4

Vesting/Vesting Credit.............................................................................5

Investments/Rates of Return ..................................................................6Cash balance benefit .......................................................................6

Trust Fund/Dividends .......................................................... 6defined Contribution benefit .......................................................7

Investment Options ............................................................. 7defined Contribution investment Changes ............................8trading restrictions/excessive trading policy ........................8methods for investment elections and transfers ..................9

Statement Of Account .............................................................................9

Address Changes ......................................................................................9

Fees .......................................................................................................... 10record keeping Fee ...................................................................... 10administrative Fee......................................................................... 10investment management Fee ................................................... 11

Termination of Employment ............................................................... 11

Payment Options at Termination/Retirement.................................. 12distribution of account ............................................................... 12options for Cash balance participants ................................... 13options for defined Contribution participants ................... 13deferral .............................................................................................. 14monthly annuity ............................................................................ 15

Annuity Rates ......................................................................15Mortality Tables ..................................................................16

Annuity Options .................................................................16Cost-Of-Living Adjustment (COLA) ................................18Annuity Effective Date ......................................................18Direct Deposit/ReliaCard .................................................19Annuity Taxes ......................................................................19Safe Harbor Annuity Taxes ...............................................20Benefit Estimator ................................................................20

lump sum Withdrawal ................................................................ 20rollover.............................................................................................. 20systematic Withdrawal option ................................................ 21

Taxation ................................................................................................... 22mandatory Withholding .............................................................. 22early Withdrawal penalties ......................................................... 22required minimum distributions ............................................ 23taxation of rollovers .................................................................... 23taxation of annuities .................................................................... 23

Death Benefits ........................................................................................ 23surviving spouse’s options ........................................................ 24Non-spousal beneficiary’s options ......................................... 24

Disability Retirement ............................................................................ 24

Reemployment ...................................................................................... 25

You Are Rehired ..................................................................................... 27

Military Leave ......................................................................................... 28prior to 2018 .................................................................................... 28

Vesting Credit ......................................................................28Employer Match .................................................................28

after 2018 ......................................................................................... 28Heart act ........................................................................................... 29

Spousal Pension Rights Act/QDRO .................................................... 29Qualified domestic relations order (Qdro) ....................... 29

Retirement Planning Program ............................................................ 30

Administration of the Retirement Plan ............................................. 30release of information ................................................................ 31Fax policy .......................................................................................... 32email policy ...................................................................................... 32

Appeals Process ..................................................................................... 32

1

CaSh BaLanCE or DEfInED ContrIButIonThe County Employees Retirement Plan began as a Defined Contribution Plan in 1966. Cash Balance was added in 2002. Starting January 1, 2003, all new members participate in Cash Balance.

CasH balaNCe/deFiNed CoNtributioN iN tHis HaNdbookthis booklet provides an overview of the plan.areas where Cash Balance differs from Defined Contribution are clearly described and are located in these sections:

�investments/rates of return �payment options at termination/retirement

�death benefits �reemployment

All Plan assets are held in trust. Under current law, these assets are immune from execution, garnishment, attachment, bankruptcy and insol-vency laws, or any other process of law. You cannot use your assets as loan collateral since they are not assignable.

importaNtthere are only two means by which your plan assets can be paid to anyone other than yourself or your beneficiaries:

�through a qualified domestic relations order under the spousal pension rights act. �through an irs tax lien.

importaNt

members CANNOT take a distribution (receive any funds) until they have ceased employment.

mEmBErShIp/EnroLLmEntmandatory membershipEffective January 1, 2007, upon employment, immediate participation is mandatory for all permanent, full-time employees who work one-half or more of the regularly scheduled hours during each pay period. Employees must be a United States citizen or a qualified alien in order to participate. Your employer will enroll you effective on the date you are hired.

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maNdatory partiCipatioNparticipation is mandatory for pErmanEnt, part-tImE employees when, in a calendar year, an employee’s hours exceed half of the regularly scheduled hours in a pay period for at least:

6 bi-weekly pay periods in a

calendar yearOR

6 semi-monthly pay periods in a

calendar yearOR 3 monthly pay

periods

The effective date of participation will be the next pay period following the 6 bi-weekly/6 semi-monthly/3 monthly pay periods that the employee exceeded half the regularly scheduled hours. If the employee does not begin participation, make-up contributions are required going back to the effective date of participation, or two years, whichever is less.

Participation for permanent, full-time, seasonal employees is required.

Voluntary membershipParticipation is voluntary for permanent, part-time employees (including permanent, part-time seasonal employees) age 18 or older. A permanent, part-time employee hired prior to age 18 will have 30 days to apply once they attain age 18. If you wish to enroll, you may do so by completing a Cash Balance Voluntary Enrollment Form, available from your employer or NPERS. This form must be submitted within the first 30 days of employ-ment. Your employer should forward the completed form to NPERS.

Once you become a member, you are subject to all provisions of the Plan and cannot withdraw funds or cancel participation until you cease employment.

Temporary employees are not eligible to participate.

employment at multiple CountiesFor any employee who is employed by more than one county at the same time, if the employee meets membership requirements at any county and is contributing to the County Plan, the employee should be contributing at all counties in which he/she is employed, even if the employment at any individual county is considered less than half time or is temporary.

membership of elected officialsIf you are an elected official, you must join the Plan upon taking office. If you are appointed to fill a vacancy in an elective office, you must also join the Plan. Part-time, elected officials are not required to join but may do so under voluntary membership.

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exCeptioNsthe following employees/positions participate in separate retirement plans which are not part of the County plan:

� County judges. � employees of a city-county local health department that has elected to either participate in the city’s plan or establish their own plan. � positions participating in the Nebraska school or state retirement plan. � employees or officials of any county having a population in excess of 250,000 and who have not previously elected coverage under the plan.

� employees of a county hospital operating under the provisions of section 23-343, r.r.s., 1943, whose county board elected “noncover-age” prior to december 31, 1977, or elected “noncoverage” upon becoming a participating county. � County extension agents and members of their staff who are eligible for participation in either a federal or university of Nebraska retirement plan.

If you have questions regarding eligibility, please contact NPERS.

transfers between CountiesIf you accept employment with another county with a 120-day or less break in service, your membership with the Plan will not be interrupted. Your former employer should notify the new county of your participa-tion in the Plan, if they are aware you are transferring. If you have taken a distribution of your retirement funds, you will have to repay the full amount. (See “Reemployment.”)

BEnEfICIary DESIgnatIonYour beneficiary is the person or persons you designate to receive your account balance upon your death. At the time you enroll in the Plan, your employer will provide you with a Beneficiary Designation Form.

Keeping your beneficiary designation at NPERS up to date will ensure benefits are paid promptly and properly upon your death.

CirCumstaNCes For beNeFiCiary reVieWWe recommend reviewing your beneficiary designation when:

�you or a beneficiary marries or becomes divorced

�you return to employment after receiving a distribution of your account

�a beneficiary dies �you have a child

You may request a Beneficiary Designation Form from your employer, from NPERS, or access the form from the NPERS website. Updates go into effect only upon receipt of the original, properly completed, signed,

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and notarized form in our office. All previous beneficiary designations will be cancelled.

Beneficiary information is considered confidential and will not be provided over the phone. Individuals who have created an NPERS online account may be able to view their beneficiary(ies) online. If you are unsure who you have listed, you may request this information in writing or submit a new form to our office.

If you have not designated a beneficiary, your beneficiary predeceases you, or you have requested a full disbursement and pass away prior to distribu-tion, then death benefits will be issued to your estate. (See “Death Benefits.”)

CompletiNg tHe beNeFiCiary desigNatioN Form �you may name the primary and contingent beneficiary(ies). �you may name a person or a trust. include the full name and date of the trust, along with the name of the trustee and their contact information. When designating a living trust, Npers will need a point of contact who in theory will survive the member. �if you have more than one retirement account at Npers, you may mark your beneficiary designation Form (“plan type” – upper right corner) for all accounts, or file separate beneficiary designation Forms if you want to name different beneficiaries for each account.

distributioN oF beNeFits �benefits will go to your named, primary beneficiary(ies) in equal amounts unless you assign specific percentages. �if you designate multiple primary beneficiaries and one or more of them predecease you, your benefits will be divided among the remaining primary beneficiaries. �Npers does not observe the passing of benefits to the heir(s) of deceased beneficiary(ies) per stirpes. �only when all your named, primary beneficiary(ies) have predeceased you, will benefits go to your contingent beneficiaries.

importaNt

beneficiary(ies) designated on a beneficiary form generally take priority over beneficiary(ies) named in a will or trust.

ContrIButIonSAs a member of the Plan, you contribute 4.5% of compensation each payroll period. The county (employer) matches your contributions at the rate of 150%. Both your contributions and the employer match are

5

made on a “pre-tax” basis. To be eligible to receive the employer match-ing contributions at termination or retirement, you must be vested. (See “Vesting/Vesting Credit.”)

supplemeNtal CoNtributioN For CertiFied laW eNForCemeNt oFFiCers

for Counties under 85,000 In population

officers make an additional, supplemental contri-bution of 1% of compensation each payroll period during the plan year. supplemental contribution is matched at 100% by the county.

for Counties over 85,000 In population

officers make an additional, supplemental contri-bution of 2% of compensation each payroll period during the plan year. supplemental contribution is matched at 100% by the county.

importaNt

to qualify for supplemental contributions, members must possess a valid law enforcement officer certificate or diploma.

Pay for sick and vacation leave is also subject to retirement deductions and matched by the employer.

The law does not allow you to contribute more than the amount specified in the Plan. Most Nebraska counties offer a deferred compensation plan (457) for you to voluntarily defer an elected amount from compensa-tion, thereby reducing your current federal and state income taxes. For more information, ask your employer about the deferred compensa-tion plan offered by your county. If your county does not offer its own deferred compensation plan, your county may participate in the Deferred Compensation Plan offered by the State of Nebraska for its employees. Contact NPERS for more information.

VEStIng/VEStIng CrEDItVesting allows you to retain the matching employer account when you terminate employment. Vesting occurs after three years of plan participa-tion, including vesting credit.

CoNditioNs For VestiNg iN less tHaN tHree yearsyou can become vested in less than three years if you:

�attain age 55 before terminating employment. �die before terminating employment. �Qualify for disability. (see “disability retirement.”)

If you have participated in another Nebraska governmental plan as a full-time employee, that participation may count toward the three years

6

required to vest in the Plan. To be considered, your completed application must be received by NPERS within 180 days of your date of hire. There are no exceptions.

WarNiNg

if you fail to apply for vesting credit within 180 days of your date of hire, you are not eligible for vesting credit.

Examples of Nebraska governmental employment include: municipal government, public power district, law enforcement, county government, state university or state college. (Examples of employment that would not qualify would be federal employment, out-of-state university or college, and any non-governmental employment.)

When a non-vested plan member ceases employment, his/her employer contributions are forfeited. The forfeiture funds are used to offset NPERS’ administrative expenses.

InVEStmEntS/ratES of rEturnThe investment of contributions and rates of return differ significantly between the Cash Balance benefit and the Defined Contribution benefit.

Cash balance benefitMembers who participate in Cash Balance do not make investment choices for either member or employer contributions. The rate of return for Cash Balance accounts is not tied to investment performance. Cash Balance participants are guaranteed a rate of return (“Interest Credit Rate”) on their accounts based on the federal mid-term rate plus 1.5%. When the federal mid-term rate falls below 3.5%, members receive a 5% minimum credit rate.

The interest credit rate is determined each calendar quarter (January, April, July and October) based on the federal mid-term rate that is published by the Internal Revenue Service as of the first day of that quarter. The federal mid-term rate is based on the average market yield (during the calendar month of the determination) on outstanding market-able obligations of the United States with maturities of at least three years but no more than nine years.

CASh BALAnCE TRuST FunD/DIVIDEnDSAll member and employer contributions are held in a trust fund. This trust fund is invested by professional fund managers under the direction of the Nebraska Investment Council. Trust fund dollars cannot be used

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for any purpose other than providing retirement benefits to members or covering plan expenses.

An actuarial study is conducted each year to determine the funded status of the Cash Balance plan. After completion of the study, the Public Employees Retirement Board will determine if a dividend may be granted to Cash Balance members. All dividends must conform to the actuarial requirements stipulated in state statute and board policy. In order to be eligible to receive a dividend, a Cash Balance member must have maintained an account balance as of December 31st during the plan year of the actuarial report. If the study finds the actuarially required contribution rate exceeds the rate of all contributions required pursuant to the County Employees Retirement Act, there shall be a supplemental appropriation sufficient to pay for the difference.

defined Contribution benefitMembers who elected to keep their Defined Contribution benefit make their own investment decisions for both member and employer contri-butions. Rates of return vary based on investment choices and market performance. There is no guaranteed rate of return.

DEFInED COnTRIBuTIOn InVESTMEnT FunDSThe Public Employees Retirement Board (PERB) selects the investment funds available to Defined Contribution participants, and the Nebraska Investment Council selects the money managers for each fund. There are currently 13 investment options for member and employer contri-butions. These investment options may change from time to time. Each year NPERS will publish an Annual Investment Report outlining the current investment options. This report is available on the NPERS website and members may contact NPERS to request a written copy. For additional investment assistance, NPERS offers an Investment Education video on the NPERS website. Members who do not have internet access may request a copy of this video in DVD format.

iNVestmeNt optioNs �money market Fund �Conservative premixed Fund �age-based Fund �large Company Value Fund �investor select Fund

�stable Value Fund �moderate premixed Fund �s & p 500 index Fund �small Company stock Fund

�bond market index Fund �aggressive premixed Fund �large Company growth Fund �international stock index Fund

If you did not make an investment election at the time of your enrollment, your employee contributions were invested in the Stable Value Fund and employer matching contributions invested in the Moderate Premixed Fund.

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defined Contribution investment ChangesFuture CoNtributioNs

Investment Election

you may change how future contributions are invested by making an investment election. an investment election will not change how existing funds are invested.

existiNg FuNdstransfer to change the investment of funds already in your account

requires a transfer. you may transfer (move) a dollar amount or percentage of your existing balances between any of the various funds.

trading restrictions/excessive trading policyIn order to protect plan sponsors and participants, as well as meet regulatory guidelines, the PERB implemented an excessive trading policy effective on May 1, 2011. This policy monitors and limits the number of transfers permitted within a set period of time. Changes to investment elections (future payroll contributions) are not affected.

A “monitoring period” will begin whenever a member makes a “Round Trip.” A round trip is defined as a transfer into followed by a transfer out of the same fund within 60 days. When a member executes a round trip, this initiates a 60 day monitoring period. If the member makes another transfer into the same fund during the monitoring period, the excessive trading restrictions will be implemented.

Members subject to excessive trading restrictions will be prevented from making any transfers into the applicable fund for 60 days. Trading privi-leges will be restored automatically at the end of the trading restriction time period.

There are additional trading restrictions on the Stable Value Fund. A direct transfer from the Stable Value Fund into the Money Market Fund is not allowed. Transfers between these two “competing funds” via another fund are restricted for 90 days.

When transferring out of a fund, you cannot transfer back into that fund on the same day.

methods for investment elections and transfersThere are the two ways Defined Contribution participants may make investment elections or transfers.

9

metHods For makiNg iNVestmeNt CHaNgesonline enter changes through the online account access via the

Npers website. instructions on creating an online account are available on the Npers website.

mail or fax Complete an investment election Form, available from your employer or Npers, or downloaded from the Npers website, and submit to Npers by mail or fax to 402-471-9493.

There is no fee assessed for these changes or transfers and members will receive confirmation of the changes from the plan record keeper. It is the member’s responsibility to review all confirmations and quarterly state-ments, and immediately report any discrepancies to NPERS.

StatEmEnt of aCCountAccount statements are mailed each calendar quarter. These statements give a detailed summary of contributions, investment earnings or losses, record keeping fees, and the account balance accumulated to date. It is the member’s responsibility to review all statements and immedi-ately report any discrepancies to NPERS.

Statements and other important items are mailed to your home address. To ensure you receive your statements and other mailings, always inform your employer of address changes. You may request a state-ment of account at any time by writing NPERS, utilizing the Online Account Access via the NPERS website, or calling the automated voice response at 800-449-2696 (Lincoln area, 402-467-6925). The automated voice response can also provide account balance information.

aDDrESS ChangESAs long as you are an active employee, your address is reported to NPERS by your employer. Therefore, it is important you keep your address current with your employer.

Terminated members should report address changes in writing directly to NPERS to ensure you receive your Account Statement and other items. An address change form is available on the “Forms” page of the NPERS website. All address change forms must be signed by the member. In addition, a terminated member who has deferred taking benefits (inactive member) may change their address online if they have created an NPERS online account.

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fEESaCCouNt Fees

there are three separate fees assessed to member accounts.

�record keeping fee �Npers’ administrative fee �investment management fee

importaNtthe amount of these fees are subject to change. Changes to fees are reported in Npers’ newsletters and on the Npers website.

record keeping FeeThe fee for record keeping services is subtracted directly from your account. This fee is assessed on a monthly basis and is reflected on your quarterly account statement.

In addition to the monthly record keeping fees, charges are assessed when a member takes a distribution from their account. Full (final) distributions of account balances greater than $250 will be charged $75, distributions of $100 up to $250 will be charged $35, and distributions less than $100 will not be assessed a final distribution fee. All partial distributions or system-atic withdrawals will be charged $5 per distribution.

The plan record keeper will also charge a quarterly fee of $0.50 for de-livery of statements or documents mailed to plan participants. Members can avoid this mailing fee by signing up for electronic distribution of correspondence.

administrative FeeA portion of NPERS’ operational costs are reimbursed from Plan forfei-tures. Forfeitures occur when a non-vested plan member ceases employ-ment, which causes the employer contributions to be forfeited. These amounts are used to partially offset NPERS’ administrative expenses.

NPERS may also assess a charge in the form of basis points against plan assets. A basis point is one one-hundredth of a percent. These fees are reflected in the adjustment column of your quarterly statement.

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investment management FeeThe investment management expenses include the operational costs of the Nebraska Investment Council, the custodial bank fee to handle the plan accounting, and the fee charged by each fund manager. These fees are not subtracted on your quarterly statement but reduce the earnings of each investment fund.

Because of economies of scale and the state’s negotiating power, the investment fees on your funds are very low. In comparable mutual funds outside of the Plan, fees are often higher and sales charges may also apply. Investment fees for each fund are listed in NPERS’ Annual Investment Report.

tErmInatIon of EmpLoymEntOnce you cease employment, regardless of age, you may begin removing funds from your account. To qualify for employer matching funds, you must be “vested.” (See “Vesting/Vesting Credit.”) If you are not vested at the time you cease employment with the county, you are NOT eligible for the employer matching contributions. Both non-vested and vested members have the same distribution options upon ceasing employment. (See “Payment Options At Termination/Retirement.”)

If you cease working for the county before age 55, you are considered to have “terminated” for plan purposes. You may begin taking distributions from your account, but there may be tax penalties for early withdrawal. (See “Taxation.”)

If you cease working for the county on or after the age of 55, you are considered “retired” for plan purposes. If actively employed by a participating county, upon reaching age 55 you are automatically vested, regardless of how long you have been a member of the Plan.

Your employer is required to notify NPERS of the date you cease employment with the county. Upon receipt of the information, NPERS will send you a letter describing the options available to you regarding your account (See “Options at Retirement/Termination.”)

If you request payment instead of deferring your account, you will receive payment as soon as administratively practicable, provided all contributions have ceased and all transactions affecting your account have been completed, which is approximately 60 days after termina-tion. If you receive pay for unused leave, contributions must be deducted from those payments. This may delay your payment if your leave pay is

12

delayed by your employer.

Any late contributions or dividends (See “Cash Balance Trust Fund/Dividends.”) received after a Cash Balance member has taken distri-bution of their account will be initially placed in a non-interest bearing account and then distributed to the member as soon as administratively possible.

WarNiNgif you return to work for the county in any capacity before 120 days have elapsed, you are not entitled to receive funds, and all funds distributed shall be repaid within two years (see “reemployment”). state and County members who have filed a grievance (appeal) of a termination may withdraw up to $25,000 from the employee (member) account pending the final outcome of the grievance. if reinstated, the member must repay the distribution.

You may wish to contact NPERS in writing or by telephone in advance of your termination/retirement date to obtain an estimate of benefits under the various annuity options. To provide estimates, you will be asked for your anticipated termination date and the date of birth of your spouse or beneficiary.

paymEnt optIonS at tErmInatIon/rEtIrEmEntdistribution of accountAfter receiving notice of your termination from your employer, NPERS will send you a letter explaining your distribution (payment) options.

proCess For reQuestiNg a distributioNStep 1 Contact Npers by phone or in writing and request the

request for distribution form.

Step 2 Complete this form in full. it must be signed and dated in front of a notary, and then notarized.

Step 3 submit to our office.

Regardless of the payment option you select, your payment will be processed as soon as administratively possible. (See “Termination of Employment.”)

When your contributions and earnings are distributed to you, the funds are taxed as ordinary income. (See “Taxation.”)

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The record keeper charges a final distribution fee to a member who takes a total distribution of their account through rollover, direct payment or annuity. (See “Fees.”) This fee is subject to change.

importaNtthere are differences in distribution options between Cash Balance and Defined Contribution. a summary of the options for each plan are listed below, followed by explanations.

beFore CHoosiNg a paymeNt optioNConsider and discuss these issues with your family before choosing a retirement payment option.

�your health and family health history. �other financial income in addition to your retirement benefit. �your beneficiaries who might depend on a benefit if you die. �the health of your beneficiaries. �the age difference between you and your beneficiaries.

options for Cash balance participants

CasH balaNCe distributioN optioNs �monthly annuity. �deferral of payments until a later date (no later than age 70 ½). �rollover to an outside financial institution.

� lump sum distribution. �Combination of annuity, lump sum and/or rollover.

importaNtCash balance participants are limited to a one time distribu-tion of their entire account. they may use a combination of the above options for the distribution.

options for defined Contribution participants

deFiNed CoNtributioN distributioN optioNs �deferral of payments until a later date, but no later than 70½.

�rollover.

�monthly annuity. � lump sum distribution. � systematic withdrawal (monthly, quarterly, semi-annual or annual).

�Combination of any of these options.

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deferralIf you do not wish to take a distribution of your account upon termina-tion, you may defer distribution up to age 70½. You will continue to pay the same fees paid by active (employed) members and may request a distribution at any time. A taxable Required Minimum Distribution (RMD) must be taken by April 1, following the year you reach age 70½ or the calendar year in which you retire. Members still actively employed by the county are not required to take an RMD.

Defined Contribution members continue to have the same investment choices they had while employed and may make investment changes at their discretion from the investment options offered.

Cash Balance members continue to receive the guaranteed interest credit rate and are eligible for dividends provided no distribution was taken from the account for the entire calendar year. If a distribution is taken on or prior to December 31 during the year for which the dividend is awarded, the member is NOT eligible to receive the dividend. Any eligible divi-dends or late contributions received after a Cash Balance member has taken distribution of their account will be initially placed in a non-interest bearing account and then distributed to the member as soon as asministra-tively possible.

If a Cash Balance member has terminated employment and deferred taking a distribution, at age 70½ the federal RMD laws will force a distri-bution. At that time the member will have the following options:

CasH balaNCe rmd optioNsoption 1 use the Cash balance account to purchase an annuity. the

monthly annuity payments will fulfill rmd requirements. option 2 elect to be paid the rmd in a lump sum and rollover the

remaining balance of the Cash balance account to another qualified retirement plan (ira, etc.). it will be the responsibil-ity of the member to ensure all future rmd’s are taken from the rollover account.

option 3 elect to be paid the Cash balance account in one lump sum.

The Cash Balance member may select from a combination of the above options as long as they incorporate the entire account at the same time. If a Cash Balance member fails to make a selection from these disburse-ment options, state statute requires NPERS to use the entire account to purchase the Five-Year Period Certain and Continuous annuity for the member. This purchase must be made prior to April 1 of the year follow-ing age 70½. If the member wishes to take a distribution other than the Five Year Period Certain and Continuous, they must file an application no later than January 15 of that same year.

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importaNt

under the deferral option, it is important you keep your address current with Npers.

monthly annuityYou may use all or part of your account to purchase an annuity. When you purchase an annuity, the designated funds from your account are liquidated and in return you receive a guaranteed monthly payment. This monthly payment will continue for the life of the member, or for a set period of time depending on the option selected (See “Annuity Options.”).

WarNiNg

you CANNOT cancel your annuity or change your option after your annuity effective (start) date.

moNtHly aNNuityIf you elect to purchase an annuity, the amount of your monthly benefit will be determined by:

�the amount from your account you spend on the annuity. �the annuity rate in effect at the time you purchase the annuity.

�your age and the appropriate mortality tables in effect at the time you purchase the annuity. �the “option” you select. �if you select a cost of living adjust-ment (Cola).

AnnuITY RATES

The annuity rate for Defined Contribution participants is reviewed each year. Per statute, this rate is set using the January Pension Benefit Guaranty Corporate rate, plus 0.75%. Once determined, the rate will apply to all Defined Contribution annuities purchased during that calen-dar year. NPERS will publish the new rate as soon as administratively possible, generally in the January newsletter. The annuity rate for Cash Balance is set by the Public Employees Retirement Board (PERB) based on recommendations from the Plan’s actuary. Annuities will be calculat-ed using the rate in effect at the time of purchase (annuity effective date). This rate is “locked-in” once the member purchases the annuity.

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importaNtthe annuity rate offered to Cash balance participants is an integral component of the plan design. the pooled assets allow the plan to provide a rate that is generally higher than the rate offered to defined Contribution participants, or available in the private sector. the Cash balance annuity rate as of the publica-tion date of this handbook is 7.75%.

MORTALITY TABLES

For Cash Balance members, the mortality tables used to determine the amount of the annuity vary depending on the date of plan participa-tion. The 1994 Group Annuity Mortality Table is used for members who joined the plan prior to January 1, 2018.

The mortality tables used for members who joined the plan on or after January 1, 2018, (or members who have terminated and taken a distri-bution from their account, then return to plan participation on or after January 1, 2018) are updated as recommended by the plan actuary and approved by the PERB. Annuities will be calculated using the mortality tables in effect at the time of purchase (annuity effective date).

AnnuITY OPTIOnSThe following annuity options are available to you at termination/retire-ment. You CANNOT cancel your annuity or change your option after your annuity effective (start) date.

optioN 1 Life only annuityprovides a monthly payment for your lifetime with no refund or death benefit. there is no beneficiary designation under this option.

optioN 2modified Cash refund annuityprovides a monthly payment for your lifetime. if you die before receiving payments equal to the amount used to purchase the annuity, the remain-ing balance will be paid in a lump sum to your beneficiary(ies) or estate. you may list as many beneficiaries as you wish and change them at any time.

17

optioN 3period Certain and Continuous annuityprovides a monthly payment for your lifetime, with a potential death benefit based on a time frame, to your beneficiary(ies) or estate. you may list as many beneficiaries as you wish and change them at any time.

5-Year provides a monthly payment for your lifetime, with a guarantee that if you die before receiving 60 payments, the remaining monthly payments will be paid to your beneficiary(ies) or estate.



optioN 4Joint and Survivor annuityprovides a monthly payment for your lifetime, and a percentage of that benefit to your spouse after your death. your spouse will be your sole, permanent beneficiary. should he/she predecease you or you divorce, you cannot select another beneficiary. Npers will require legible proof of age for your spouse and a certified copy of your marriage license. (This option is not available to an Alternate Payee.)

50% provides a monthly payment for your lifetime. When you die, your spouse will receive 50% of your benefit, paid monthly for his/her lifetime.



optioN 5non-Spousal Joint and Survivor annuityprovides a monthly payment for your lifetime. When you die, your surviv-ing beneficiary will receive 50% of your benefit, paid monthly for his/her lifetime. you may designate only one person as your permanent beneficiary (this cannot be your spouse) and you cannot change your beneficiary after commencement of the benefit. Npers will require legible proof of age for your beneficiary. (This option is not available to an Alternate Payee.)

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optioN 6Designated period annuityprovides a monthly payment for a designated period of 5, 10, 15, or 20 years. there is NO guaranteed lifetime payment under these options. if you die prior to the end of the designated period, your beneficiary(ies) or estate will receive the remainder of the benefit payments. you may list as many beneficiaries as you wish and change them at any time.

5-Year payments will cease at the end of the 5-year period. if you die before receiving 60 payments, the remaining monthly payments will be paid to your beneficiary(s) or estate. this option will have 25% withheld from each monthly payment (see “taxation”) and may be subject to early withdrawal penalties if distributions occur prior to retirement age.

10-Year payments will cease at the end of the 10-year period. if you die before receiving 120 payments, the remaining monthly payments will be paid to your beneficiary(s) or estate.



Cost-of-living adjustment (Cola)When selecting an annuity, you must decide if you want an annual cost-of-living adjustment (COLA). If you select an annuity with no COLA, the gross monthly dollar amount will never change. If you purchase with the COLA, the gross monthly dollar amount automatically increases 2.5% each year.

annuity effective dateIf an annuity is purchased, the effective (start) date will be the first day of the month after your completed application is received by NPERS. Annuity payments will be processed as soon as administratively possible, but no sooner than 60 days after your termination to allow time for processing all contributions from final pay. Your first annuity payment will be retroactive to your annuity effective date.

exampleif your last day of work is January 2nd and your application is received by Npers prior to February 1st, your effective date is February 1st. if your last day of work is January 2nd but Npers did not receive your application until February 15th, your effec-tive date is now march 1.

When you select an annuity option, your age must be verified before payments can begin. A legible copy of your birth certificate will be

19

considered sufficient proof of your age. When a survivor option is selected, NPERS requires proof of age of your spouse or beneficiary. If the spousal option is selected, proof of marriage is required.

direct deposit/reliaCardNPERS will provide two options for distribution of monthly annu-ity benefits, direct deposit or a deposit to a prepaid Visa debit card. All retirees who purchase an annuity will be required to provide written authorization selecting one of these two options. The electronic disburse-ment option chosen will remain in effect until changed or canceled by the member in writing. To change the method of deposit, a member must complete and sign a new debit card enrollment form, or a direct deposit form, and submit to NPERS. Any changes to direct deposit or the debit card MUST be received by NPERS 30 days prior to the date sched-uled for the annuity benefit payment for which the change is to occur. Both forms are available on our website (npers.ne.gov) or members can request one by calling our office.

annuity taxes

NPERS will withhold federal taxes from each monthly check at the rate you specify on the Withholding Certificate for Annuity Payments form (included in the retirement packet and available on the NPERS website). If you do not complete and submit this form to NPERS, we will with-hold at the rate of “married plus three exemptions.” You may change your withholding at any time by submitting a new form. Members who have created an online account via the NPERS website (not the Ameritas website) may also change withholding online.

If you are a resident of the State of Nebraska, NPERS will withhold Nebraska taxes at the same withholding rate you select for federal taxes. If you move and are no longer a resident of Nebraska, you need to submit an updated withholding form. Your benefit will be taxable in accordance with the laws of the state you move to. You may need to contact the Department of Revenue for the state you have moved to in order to deter-mine tax liability and establish a payment process. NPERS can withhold Federal and Nebraska taxes, but not taxes due to another state.

20

safe Harbor annuity taxesPre-1985 contributions are returned tax-free based on the “Safe Harbor” method, as required by the Internal Revenue Service. NPERS calculates the “tax-free” portion of your monthly retirement check by dividing pre-’85 contributions by the fixed number of payments assigned per your age at retirement.

exampleunder the current tax tables, 260 monthly payments are desig-nated for individuals commencing benefits from ages 61 to 65. if you had a total of $9,100 of pre-’85 contributions, this amount would be divided by 260 and you would receive $35.00 of your benefit tax-free for the first 260 monthly payments.

After you have received the fixed number of payments assigned, your monthly benefit becomes 100% taxable.

benefit estimatorMembers who wish to calculate an estimate of monthly annuity payments may visit the benefit estimator on the NPERS website. This tool will allow you to enter whatever data you wish and estimate a monthly payment based on your input and the annuity rate in effect at that time. Please be aware this is not an official estimate and annuity rates may fluctuate. Members who are within six months of retirement may request an official estimate by contacting our office.

lump sum WithdrawalAll or part of your account may be paid directly to you. The distribution will be subject to a record keeper distribution fee plus a 20% federal tax withholding and, for Nebraska residents, 5% Nebraska state withholding. (See “Fees” and “Taxation.”) Cash Balance participants are limited to a one-time distribution of their entire account.

WarNiNgif you cease work before age 55 and are considering taking a withdrawal from your account, please see “taxation” before you make a decision. there is a possibility of an additional 10% federal tax penalty plus a 3% Nebraska state tax penalty for early withdrawals of retirement funds.

rolloverAll or part of your account may be rolled over or transferred to another eligible retirement plan or IRA (Traditional or Roth). With the excep-tion of rollovers to a Roth IRA, amounts are not taxable at the time of

21

the rollover. You will be taxed when you eventually withdraw the money from the other plan. Contributions prior to 1985 have already been taxed and will be returned to you tax-free. These after-tax contributions can be rolled over if your rollover company will accept them and you make the appropriate election on your distribution form.

Roth IRA rollovers are subject to State and Federal income taxes in the year of the rollover. You will be responsible for filing and paying taxes on the Roth rollover.

Cash Balance participants are limited to a one-time distribution of their entire account. Cash Balance members who request a partial rollover must purchase an annuity and/or take a lump sum distribution of all remaining funds at the time of the rollover.

systematic Withdrawal option (deFiNed CoNtributioN partiCipaNts oNly)

The systematic withdrawal option (SWO) is available to Defined Contribution participants only and is not available to Cash Balance participants.

SWO is a series of automatic withdrawals paid to you at the frequency and dollar amount you elect. The payment can be made on a monthly, quarterly, semiannual, or annual basis and must be a minimum withdrawal of at least $100. Withdrawals will be allocated pro rata among your invest-ment funds. Changes in amount and frequency are limited to two per year.

While receiving SWO payments, your account remains invested and is subject to market gains and losses. You continue to have investment choices and may transfer your remaining account balance among the investment funds. You will continue to pay the same fees paid by active account participants.

The distribution will be subject to a record keeper distribution fee plus a 20% federal tax withholding and, for Nebraska residents, 5% Nebraska state withholding. (See “Fees” and “Taxation.”) If a SWO withdrawal is taken prior to reaching retirement age, you may also incur a 10% federal and a 3% Nebraska early withdrawal penalty.

The SWO payment will cease when the account is fully depleted. If you die, the SWO payment will cease upon notification of your death. If a balance remains, it will be paid to your designated beneficiary or estate.

22

taxatIonCurrent contributions to the Plan are not taxed when deducted from your salary and remitted to NPERS. Taxable income reported on your Wage and Earning Statement (IRS Form W-2) issued by your employer is reduced by the amount you contribute to your retirement account.

When you take a distribution from your account, either as a monthly annuity or any other form of distribution paid directly to you, those funds will be subject to both federal and state income tax. State income tax will be based on your state of residence when you receive the payments.

Contributions made prior to January 1, 1985, were taxed before being deducted from your compensation. Therefore your contributions made prior to January 1, 1985 are returned to you “tax-free.”

Distributions from your retirement account will be reported to you on an IRS Form 1099-R each year in January for the payments received during the prior year. A copy of that form will also be provided to the IRS.

mandatory WithholdingNPERS is required by law to withhold 20% for federal income taxes and 5% for Nebraska state income taxes for all withdrawals paid directly to you. These withholdings may or may not cover your full tax liability. Your actual tax liability will vary depending on your total taxable income for the year and the tax laws in effect at the time. If you are no longer a resident of Nebraska and have notified our office in advance, the 5% Nebraska state tax will not be withheld. You will however, be subject to state income tax in accordance with your new state of residence.

early Withdrawal penaltiesIf you cease work prior to age 55 and take a withdrawal PRIOR to age 59½, you may be subject to a Federal 10% tax penalty and a Nebraska 3% tax penalty for early withdrawals.

early WitHdraWal peNaltiesyou may be able to avoid the early withdrawal penalties if one of the following applies:

�the taxable portion of your refund is “rolled over” into a traditional ira or another qualified pension plan within 60 days of the payment date. �if payment is made after separation from service and the member will be at least age 55 in the year of separation. �payment is made to an alternate payee under a qualified domestic relations order (Qdro). �your payment is used for large, eligible medical expenses. �you are eligible for retirement due to disability.

23

importaNt

early withdrawal penalties are assessed at the time you file your tax return.

required minimum distributionsTaxable distributions are required to begin the year you reach age 70½ unless you have not separated from service. The initial payment may be delayed until April 1 following the year you reach 70½, or the year you terminate employment. Please refer to the “Deferral” section for more information.

taxation of rolloversPlease refer to the “Rollover Distribution” section.

taxation of annuitiesNPERS will withhold federal taxes from each monthly check at the rate you specify on the Withholding Certificate for Annuity Payments form (included in the retirement packet and available on the NPERS website). Please refer to the “Monthly Annuity” section for more information.

importaNtsince tax laws frequently change, Npers recommends you contact the internal revenue service or a certified tax consul-tant for more information.

DEath BEnEfItSUpon your death, your employer or beneficiaries should immediately notify NPERS. Any balance remaining in your account will be released according to your most recent Beneficiary Designation Form.

deatH beNeFitsthese rules apply: �if you die without a designated beneficiary, a lump

sum payment will be made to your estate. �proof of death must be provided before any payments will be distributed. �if you started annuity payments before your death, death benefits to your beneficiaries will be depen-dent on the annuity option you selected.

24

surviving spouse’s optionsIf you die with a balance remaining in your account and have designated your spouse as your sole primary beneficiary, your spouse may elect either a withdrawal or an annuity, as follows:

surViViNg spouse’s optioNsLump Sum or rollover

a one-time payment, paid out no later than the fifth anniver-sary of your death. your surviving spouse may take a direct payment or roll the money into another qualified retirement account or ira (traditional or roth).

Systematic Withdrawal

if you have a defined Contribution account, your surviving spouse may elect a systematic withdrawal. all funds must be distributed within five years.NOTE: systematic Withdrawal is not available for Cash balance accounts.

100% Joint and Survivor annuity

a guaranteed monthly payment paid for your spouse’s lifetime. Contact Npers for a benefit estimate.IMPORTANT: to receive the annuity benefit, the spouse must file an application with Npers within 180 days of the date of death. the effec-tive date of the annuity will be the date of death.

Non-spousal beneficiary’s optionsIf you die with a balance remaining in your account and your sole primary beneficiary is not your spouse, your account will be paid to your beneficiary(ies) and must be distributed in full by the fifth anniversary of your death.

NoN-spousal beNeFiCiary’s optioNsLump Sum or rollover

a one-time payment, paid out no later than the fifth anniver-sary of your death. benefits may be rolled over into another qualified retirement account or ira (traditional or roth).

Systematic Withdrawal

if you have a defined Contribution account, your beneficiary may elect a systematic withdrawal. all funds must be distrib-uted within five years.NOTE: systematic Withdrawal is not available for Cash balance accounts.

DISaBILIty rEtIrEmEntAs a member of the County Plan, you may qualify for certain rights if you are approved for disability retirement by the Retirement Office. Disability is defined as an “inability to engage in any substantially gain-ful activity by reason of any medically determinable physical or mental impairment which was initially diagnosed or became disabling while the member was an active participant in the plan and can be expected to

25

result in death or to be of long-continued and indefinite duration.”

disability retiremeNt QualiFiCatioNsto qualify, you must:

�be under age 55 at termination. �apply for disability retirement status within one year of the date you cease employment. �submit to a medical examination by a physician selected by Npers. this examination shall be paid for by the retirement office.

To apply, please contact the Retirement Office. You will be sent a Disability Retirement Packet and asked to provide a description of your disability, and the names of the physicians you have consulted along with any supporting medical records/documentation regard-ing your disability. Your application will be reviewed by the Public Employees Retirement Board.

upoN QualiFiCatioN For disability retiremeNtIf you qualify:

�you will automatically be vested in the employer contribu-tions regardless of length of service. �payment options will be the same as regular termination/retirement payments under the plan. (see “payment options at termination/retirement.”) �Federal and state early withdrawal penalties will be waived on disability retirement distributions.

This is NOT a long-term disability insurance plan. If you receive disability insurance benefits in addition to your retirement benefits, the insurance company may reduce their payment to you by the amount you receive from the County Plan.

importaNt

you may wish to check with your County Clerk’s office regarding additional disability rights and benefits.

rEEmpLoymEntReemployment is defined as severing service as a county employ-ee, then returning to work at the same or another county participat-ing in the retirement plan. This does not include employment in the private sector, or any other employer not participating in the County retirement plan.

26

120 days or lessIf you cease employment at any age and are reemployed in any capacity within 120 days or less:

�you must repay all benefits issued, within two years. �all annuity or systematic withdrawal payments will cease. the annuity contract will be cancelled. annuity payments must be repaid. Funds used to purchase the annuity will be restored to the account. �you will return to participation in the same plan (dC or Cb) you were in prior to separation from service.

121 days up to FiVe yearsIf you terminate (cease employ-ment prior to age 55) and are reemployed after 120 days, but not more than five years:

�regardless of the plan you were previously in, if rehired as a permanent (full or part-time) employee, you will return as a Cash balance member. any deferred funds (left in the prior account) will transfer to Cash balance. �you will return to “active” status effective on your date of hire. No further distributions may be taken from your account until you cease employment. �if you previously purchased an annuity, those payments will continue. �repayment of any distributions (other than annuities) is optional and may affect vesting credit (see diagram).

FiVe years or moreIf you terminate (cease employ-ment prior to age 55) and are reemployed after five or more years:

�regardless of the plan you were previously in, if eligible to participate (see “membership”), you will return as a Cash balance member. any deferred funds (left in the prior account) will Not transfer to your new account. �if you previously purchased an annuity, those payments will continue. �prior service will not be recognized toward eligibility or vesting credit. If you are age 55 or over, your “new” account will be automatically vested.

WarNiNgunder no circumstances can the member and a participating employer have pre-arranged a return to work by the member. these arrangements are considered by the irs as a “sham termi-nation.” if at any time it is determined a sham termination has occurred, benefits will be suspended and all benefits previously issued must be repaid – including interest. Failure to repay can result in garnishment of assets including wages, checking and savings accounts, and other retirement assets.

The following diagram shows the reemployment and plan participation/vesting rules for a returning County Plan member under age 55.

27

you arE rEhIrED(under age 55)

What happens next depends on length of break sinceyour previous employment.

aFter 120 days or more(But less than 5 years)

If rehired as a permanent (full or part-time) employee:

You must return to plan participation.refer to note and continue.

Contributions remain in your

plan.

you elected to receive a

payout.

Contributions remain in your

plan.

you elected to receive a

payout.

You continue your participationin the Plan

Stop

You may repay your payout for up to 3 years. Payment must

be completed in 5 years.

Stop

You are given credit for prior

service and your prior employer

contributions are restored.

Stop

You may repay your payout for up to 3 years. Payment must be completed

in 5 years.

Credit for your prior service and prior employer contributions are restored proportionally. You will receive full credit and repayment of employer

contributions only if you fully repay your payout.

Stop

Vested employee

You remain vested.

NoN-Vested employeeYour service credit is restored as follows:

5 years or more NeW employee

You receive no credit for previous service. You will be considered a new employee.

REFER TO nOTE AnD Stop

120 days or less No termiNatioN

(If rehired in any CapaCIty)You MUST repay any

payout within two years and continue participation.

Stop

Note: Subsequent Plan participation will be in the Cash Balance benefit.

If less than 5 years and you have a previous Defined

Contribution account, it will be converted to Cash Balance.

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mILItary LEaVEprior to January 1, 2018If you incur a break in service due to Military Leave you may be eligible to receive vesting credit and employer matching contributions for the period of military service.

VESTIng CREDITTo receive vesting credit, you must return to employment with the county as required by law and submit your military honorable discharge docu-ments (DD214) to NPERS.

EMPLOYER MATChTo receive employer matching contributions for the period of military service, you must make your employee contributions for that time period through payroll deductions.

payroll deduCtioNs proCess For employer matCHiNg �Within one year of return to county employment, contact Npers in writ-ing of your intent to repay missed contributions. �Contact your employer for details on verifying your period of military service. �your employer must notify Npers of the beginning and ending of the period of military service. �your employer must complete a make-up Contribution agreement, which you must sign. your payments will be based on your average compensa-tion rate during the 12-month period immediately before your military service. �you must complete your payments through payroll deductions in a period that is no greater than three times your military leave, but not to exceed five years. �Npers will contact your employer to ensure that matching contributions are remitted for your make-up contributions. �there will be no interest earned or fees charged to you or your employer for the military service credit, as required by federal law.

after January 1, 2018Members who are reemployed after qualified military service will be granted vesting and benefit credit for the period of military service. The employer shall be responsible for funding military service benefits for both the member and employer contributions. These provisions only apply to military service that begins on or after January 1, 2018 and falls within the definition of uniformed service per the Uniformed Services and Reemployment Rights Act of 1994 (USERRA).

29

Heart actFor any member whose death occurs on or after January 1, 2007, while performing qualified military service, the Heroes Earnings Assistance and Relief Tax Act of 2008 (HEART Act) requires their beneficiary(s) be entitled to any additional death benefit he or she would have received had the member been employed during the period of military service when the death occurred. For assistance, contact NPERS.

SpouSaL pEnSIon rIghtS aCt/QDroUnder current law, your account is exempt from attachment (as in garnishment of wages) and is unassignable (for example, as loan collat-eral). In 1996 the Spousal Pension Rights Act codified the rights of divorced spouses and children to a share of a plan member’s retirement account. To claim this share, proper language must be included in a domestic relations order (see below) and be qualified by NPERS. For further details refer to Neb. Rev. Stat. §§42-1101 through 42-1113, or contact NPERS.

Qualified domestic relations order (Qdro)A “qualified domestic relations order” (QDRO) is a domestic relations order (DRO) that has been approved by NPERS and is therefore effective in dividing the member account. A divorce decree and/or property settle-ment, although effective for most purposes, does not divide a retirement account unless it includes a QDRO. Once a judge has approved a DRO, it must be sent to NPERS to be approved. After NPERS approves the order, the benefits will be divided. If NPERS pays out benefits or a refund and later receives an order that would have affected the money already paid out, NPERS is legally held harmless for making the earlier payments. Therefore, whenever a domestic order is signed, it should be sent to NPERS as quickly as possible.

The person who receives a share of a member’s account through a QDRO is called the “alternate payee.” Becoming an alternate payee gives the former spouse certain rights to the benefits, but does not mean he/she will have immediate access to the money.

alterNate payee aCCess

there are two ways an alternate payee can gain access to the retirement account:

�the member terminates employ-ment or retires

�the member is age 50 or older

30

If a member is under age 50 and working for the county, the alternate payee cannot gain access to the account.

rEtIrEmEnt pLannIng programEvery fall, NPERS conducts statewide Retirement Planning seminars for members age 50 and over and Financial Management seminars for members under age 50. Spouses are welcome to attend. You may not, according to law, attend more than one seminar per fiscal year (July 1 - June 30).

Eligible members are entitled to receive leave with pay to attend up to two Retirement Planning seminars and up to two Financial Management seminars, for a total of four seminars. According to state law, “...leave with pay shall mean a day off paid by the employer and shall not mean vacation, sick, personal, or compensatory time.” You may choose to attend either seminar more than twice, but such leave will be at your expense and will be at the discretion of the employer. The law limiting attendance to twice is not retroactive and therefore will not include atten-dances prior to September 9, 1995.

For information on seminars scheduled in your area, visit the NPERS’ website or contact our office. Each fall NPERS mails or emails registra-tion information to all eligible members.

aDmInIStratIon of thE rEtIrEmEnt pLanThe Public Employees Retirement Board (PERB) consists of eight members appointed by the Governor for five-year terms. Six members are participants in the retirement systems administered by the PERB. Two are at-large members and are not employees of the State of Nebraska or any of its political subdivisions. The State Investment Officer is also a member of the PERB in a non-voting, ex-officio capacity.

The PERB is responsible for the administration of the Judges, State Patrol, School Employees, State Employees and County Employees Retirement Systems, and the Deferred Compensation Plan. PERB meetings are normally scheduled on the third Monday of each month. Current PERB members and meeting dates may be found on the NPERS website.

The Nebraska Public Employees Retirement Systems is the agency responsible for the administration of the County Plan.

31

The Director is hired by the PERB and directs NPERS in its administra-tion of the various systems. The Director is subject to the approval of the Governor and a majority vote of the Legislature.

The State Treasurer is the custodian of the funds and securities of the retirement systems.

The Nebraska Investment Council is responsible for the investment and management of the systems’ assets. The Council contracts with outside managers to invest the various funds.

The record keeper is a company under contract with the PERB to main-tain individual member accounts, provide quarterly statements, and allow for changes in investment allocations where applicable.

release of informationMember account information including name, address, account balances, beneficiaries, or payment options, will only be released under specific conditions.

CoNditioNs For release oF iNFormatioN �your personal visit to Npers with adequate proof of identity. �adequate proof of identity provided over the phone (not including beneficiaries). �Written and signed request from the member. �Written release signed and dated by member (release date must be less than 12 months old). �a court ordered release. �request from guardian or conservator, accompa-nied by a certified copy of letters of guardianship or conservatorship.

�a request for information from an individual holding a power of attorney granted to that person by a member and the power of attorney on file contains:

− a provision specifically grant-ing the attorney-in-fact author-ity to deal with retirement plans; or− a provision granting the attorney-in-fact authority to do all things on the member’s behalf; and a provision authoriz-ing the release of information to the attorney-in-fact

�request from a personal repre-sentative of a deceased member accompanied by a certified copy of letters of appointment. �a request for information from a third party signed by the third party and the member.

Beneficiary designation(s) are only provided to you upon your signed, written request or personal visit by you to NPERS (with adequate proof of identity).

32

Account information may be released to your employer for verification of necessary information. The Internal Revenue Service may receive account information to comply with federal tax laws. Account information may be released as necessary under a qualified domestic relations order.

Fax policyFaxable doCumeNtsthe following will be honored via facsimile (fax) if signed by the member:

�requests for account information. �requests for beneficiary listings. �requests for annuity estimates. �Changes in tax withholding. �Changes in direct deposit or reliaCard.

Original, signed NPERS forms are required to process annuities or payments, to change beneficiaries, or to change an address for payment requests.

email policyGeneral questions about the County Plan and requests for forms may be communicated through email.

At the present time, NPERS does not answer individual account questions by email; such questions must be submitted as a signed, written request.

appEaLS proCESSNPERS makes every effort to follow Federal and State statutes, and rules and regulations when administering the plan. As a member of the County Plan, you have the right of review if you disagree with a decision reached by NPERS’ Director or the Public Employees Retirement Board (PERB). You must file your appeal form within 30 days after you receive notice of the Director’s or the PERB’s decision.

A hearing officer appointed by the PERB will schedule a formal hear-ing and send written notice to all parties concerned. If you wish to further appeal a decision, you are entitled to judicial review under the Nebraska Administrative Procedures Act.

The time limits prescribed may be extended at the discretion of the PER

importaNt

state laws and Npers policies are subject to change. please view our website or contact our office for the most current plan information.

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Nebraska COUNTY Nebraska 68509-4816 Fax 402-471-9493, ... If you wish to enroll, you may do so by completing a Cash Balance Voluntary Enrollment Form,